NEW YORK, February 20, 2017 /PRNewswire/ --
Rising urbanization has catapulted the use of coal-fired power generation. Quarrying activities from all corners of the world are also resuming at a steady pace. Technological advancements are facilitating the resurgence of global mining industry. Factors such as these and many more are instrumenting the growth in global demand for industrial explosives. A recent report published by Persistence Market Research estimates that in 2016, more than US$ 9 billion worth of industrial explosives were sold in the world. In the course of next eight years, the global market for industrial explosives is anticipated to grow steadily at 5.6% CAGR and reach US$ 14.58 billion value.
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In the report, titled "Global Market Study on Industrial Explosives: MEA Industrial Explosives Market Anticipated to Register Stable Growth Through 2024". Persistence Market Research predicts that more than 23 million metric tons of industrial explosives will be used up globally by the end of 2024. Key findings on the global industrial explosives market indicate that environment protection agencies and bodies will strongly coerce the production of industrial explosives. Manufacturers of industrial explosives will be compelled to bring forth advancements in their offerings, particularly towards reducing volumes of explosives used in large-scale explosions and lowering the environmental impact that follows.
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Surging Preference to Blasting Agents
With respect to the type of industrial explosives, the report clearly indicates an outright preference to blasting agents. Industrial verticals, where use of explosives is an integral part of production activities, are favoring the use of blasting agents. As opposed to high explosives, more than 22 million metric tons of blasting agents are forecasted to be sold by 2024. In due course of the projected period, global demand for high explosives will see a negligible dip. Nearly 95% of global industrial explosive revenues will be accounted by sales of blasting agents across various industrial sectors.
Construction - Largest End-User of Industrial Explosives
The global building & construction industry needs blasting agents and explosives for creating subterranean pits, upon which edifices are erected. While mining remains to be one of the recognizable end-use of industrial explosives, revenues contributed by construction industries will be soaring at the highest CAGR of 6%. The report estimates that in 2016, more than US$ 1 billion of industrial explosives were consumed by construction activities. In terms of volume, metal mining and non-metal mining will collectively consume over 17 million metric tons of industrial explosive by the end of 2024. Stringent restriction for environmental laws, however, will inhibit the use of industrial explosives by quarrying industries.
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Higher Sales of Industrial Explosives in Asia-Pacific
In 2017 and beyond, revenues emanating from sales of industrial explosives across Asia-Pacific countries will be accounting for more than 40% of global revenues. Australian companies - Orica Limited and Dyno Nobel Pty Limited (Incitec Pivot Limited) - are two of the largest producers of industrial explosives in the world. By accounting for nearly 40% share of global revenues, these two companies continue to funnel billions into Asia-Pacific's industrial explosives market. Sichuan Yahua Industrial Group Company Limited, Ideal Industrial Explosives Ltd., and NOF Corporation are other key industrial explosive manufacturers based in this region.
North America's industrial explosives is likely to lose traction over the course of forecast period, and will be valued at US$ 3 billion by 2024-end. US-based Autsin Power Holdings Company continues to contribute to global market revenues by offering accessories for carrying out industrial explosions in quarrying and mining.
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Meanwhile, Latin America's industrial explosives market will soar at the highest value CAGR of 6.5%. Chile-based Enaex SA is recognized as a prominent producer of industrial explosives, initiation systems, and blowing agents. Based in Peru, Exsa SA has gained global recognition for providing bulk emulsions, dynamites and cartridge emulsions to industries. Other key players in the global industrial explosives market include, Irish Industrial Explosives Limited, Eurenco, and MAXAMCORP HOLDINGS SL.
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